Crude Oil Weekly Price Forecast – crude oil markets looking for a bottom

WTI Crude Oil

The WTI Crude Oil market fell hard during the week, slamming into the $62.50 level, an area that has been important several times on the weekly chart. The fact that we stopped right here is a relatively decent sign that we may have an opportunity to start buying. Overall though, I think that we need to see is some type of supportive daily candle to help the case for buyers. We are certainly oversold, but this is a major support level to pay attention to.

WTI Video 05.11.18

Brent

Brent markets also fell during the week, showing signs of extreme weakness. I think at this point it’s only a matter time before the market participants continue to try to press this market lower but I think that the $70 level is going to continue to be supportive. If we break down below there, then I think that Brent markets go much lower. That would be of course a very negative sign, and would send this market much lower, perhaps down to the $65 level next. A bounce from here will challenge the $75 level, an area that of course has a lot of psychological importance attached to it. Ultimately, I think that this market needs at least a daily supportive candle, which of course would only give you the opportunity to see support, not necessarily expected. If we break down below the $70 level I think that the speed of the selloff will catch a lot of people by surprise.